A Stimulus Payment or Economic Impact Payment (EIP) as it is referenced by the IRS was authorized by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Individuals that have a gross income below $75,000 will receive $1,200 (filing joint will receive $2,400) and $500 for each dependent child under the age of 17. Taxpayers that have a gross income that is more than $75,000 ($150,000 filing joint) will receive smaller checks; if your income is over $99,000 ($198,000 filing joint) then no stimulus payment will be received.
Below are links directly on the IRS website where you will find:
- Guide on how to use the tools to check the status of your payment.
- Who is eligible to receive a payment?
- How much should I receive?
- How to enter information for direct deposit or mailing address.
- Didn’t need to file a tax return? You can enter your information to receive your payment.
It is best to start with the guide as it breaks down what tool should be used and what it can do for you as a taxpayer.
Guide and EIP tools:
The direct deposit of stimulus payments has begun with paper check mailing to follow. Continue to check the IRS website as updates are posted daily.